1. Supports are at about 6053,
6042, 6024, 5984 and 5935 while resistances are at about 6069, 6090 and 6134.
The gap created on Friday is at about 6038 and is yet to be filled up. Three
likely +WWs give about 6074, 6135 and 6183 (other +WWs with higher targets are
not mentioned as of now). Four likely -WWs give about 6015, 5995, 5974 and 5958
(-WWs with much lower targets are not mentioned presently). Nifty is in two
rising channels with its top at about 6133 and bottoms at about 6044 and 6024.
Their break down can take nifty down to 5940/5840. The medians of APFs are at
6128 and 6008.
Nifty gained again and closed at a new
high above 6050, giving bullish sentiment. However, the daily candle is likely
to form a morning star, a bearish sign. To defeat it, nifty must open up on
Monday with a gap, above 6084, and close +ve. If it opens below 6059 (worse
still below 6048) and closes -ve and that too well below 6039 (say, 6020), it
will confirm the bearishness of morning star. However, weekly candle is
bullish. Be careful of high volatility.
2. PCR at
1.12 and VIX at 13.89. Pre-open high/low at
6146.90/6064.20 and close at 6085.75. This may indicate a +ve nifty after a gap
up open unless it remains below 6064 for at least one hour.
3. Target of
first +ww met in the open.
4. AS PER
9.30 STRATEGY, SELL ABOVE 6074NF, TARGET 6044/33, SL 6104.
5. If SL is
hit, buy below 6104NF, target 6136, SL 6074.
6. SL hit.
7. Nifty
opened up with a gap, remained range bound till afternoon before rising to
close slightly -ve (nifty fut closed slightly +ve) but above Friday's close.
The target of first +ww of the first post was met in the opening itself.
However, the SL of 9.30 strategy trade was hit but the target of reverse trade
was not met. Even then the total range was narrow at about 27 (nifty fut range
was 37). The daily candle is a doji star.
The intraday chart of nifty spot values with 5 min candles is shown below.
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